RenaissanceRe (NYSE:RNR) Price Target Raised to $284.00 at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price objective boosted by JPMorgan Chase & Co. from $280.00 to $284.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

RNR has been the subject of a number of other reports. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Citigroup lifted their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Evercore ISI lifted their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company upped their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $290.45.

RenaissanceRe Stock Up 1.6 %

RNR stock opened at $252.83 on Friday. The stock has a fifty day moving average of $265.23 and a 200-day moving average of $253.25. RenaissanceRe has a fifty-two week low of $197.49 and a fifty-two week high of $300.00. The company has a market capitalization of $13.13 billion, a price-to-earnings ratio of 3.64, a PEG ratio of 1.31 and a beta of 0.44. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating the consensus estimate of $7.89 by $2.34. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.33 earnings per share. As a group, equities research analysts predict that RenaissanceRe will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Friday, December 13th. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC raised its position in shares of RenaissanceRe by 52.9% during the 2nd quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock valued at $1,608,000 after buying an additional 2,490 shares in the last quarter. Algert Global LLC purchased a new stake in RenaissanceRe during the second quarter valued at about $1,186,000. Rockefeller Capital Management L.P. bought a new stake in RenaissanceRe during the third quarter worth about $3,684,000. National Bank of Canada FI boosted its holdings in shares of RenaissanceRe by 1,381.3% in the 2nd quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock worth $1,189,000 after purchasing an additional 5,014 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of RenaissanceRe by 12.3% during the 3rd quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock valued at $22,003,000 after purchasing an additional 8,844 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.